Couche-Tard walks away from 7-Eleven bid, citing lack of good faith Jul 17th

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Couche-Tard walks away from 7-Eleven bid, citing lack of good faith

– moneysense.ca

Canada’s convenience store giant backed away from a blockbuster bid set to dramatically expanded its convenience store empire, when it pulled its proposal to buy the parent company of rival 7-Eleven on Wednesday.

Alimentation Couche-Tard has spent nearly a year courting Seven & i Holdings Co., the Japanese conglomerate with thousands of 7-Eleven locations and a broader portfolio of supermarkets, food producers and financial services companies. Couche-Tard, which is based in Laval, Que., and owns Circle K and Ingo, ended its overtures Wednesday, accusing its takeover target of a “persistent lack of good faith engagement.”

Couche-Tard claims talks were one-sided and unproductive

Couche-Tard said it repeatedly sought a friendly dialogue with Seven & i’s founding Ito family but alleges it was not open to any conversation about the proposal of ¥2,600 (C$24.04) per ordinary share in cash. The Canadian company further charged that in meetings that were “tightly scripted” and ran for half the allotted time, management also wasn’t willing to address basic questions about industry dynamics…

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